Ethics and Social Responcibility
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| managerial ethics | the study of morality and standards of business conduct
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| corporate social responsibility | obligation of corporations owe to the constituencies such as shareholders employees customers etc.
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| ethical dilemmas | having to make a choice between two competing but arguably valid options
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| ethical lapses | decisions that are contrary to an individuals stated beliefs and policies of the company
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| 4 most common approaches to ethical decision making | Utilitarian
Moral Rights
Universal
Justice
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| Utilitarian Approach | focuses on the consequences of an action; "the greatest good"
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| Moral Rights Approach | examination of the moral standing of actions independent of the consequences; just "right" or just "wrong"
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| Universal Approach | "do unto others as you would have them do to everyone, even you"; applys to all people in every situation
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| Justice Approach | how equitably the costs and benefits of actions are distributed
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| Distributive Justice |
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| Procedural Justice | the decision making process is accepted by those involved and perceived to be fair and administered impartially
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| Compensatory Justice | if procedural and distributive justice fail than those hurt by the unfairness should be compensated
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| Moral intensity | the degree to which people see an issue as an ethical one
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| magnitude of the consequences | the level of impact of the outcome of a given action
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| Social Consensus | the extent to which members of a society agree that an act is either good or bad
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| Probability of effect | the moral intensity of an issue rises and falls depending on how likely people think the consequences are
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| Temporal Immediacy | a function of the interval between the time the action occurs and the onset of its consequences
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| Proximity | physical, psychological, and emotional closeness the decision maker feels to those affected by the decision
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| Concentration of Effect | the extent to which consequences are focused on a few individuals or dispersed across many
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| Code of Ethical Conduct | formal agreement of acceptable and unacceptable behavior
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| Whistle Blower | someone who discloses illegal or unethical conduct on the part of others in an organization
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| Foreign Corrupt Practices Act | a law prohibiting employees of US firms from corrupting the actions of foreign officials, politicians or candidates for office
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| Efficiency Perspective | concept that a managers responsibility is to maximize profits for the owners of the business
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| Externalities | indirect of unintended consequences imposed on society that may not be understood or anticipated
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| Social Responsibility Perspective | society grants existence to firms; therefore, firms have responsibilities and obligations to society as a while, not just shareholders
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| stakeholders | individuals or groups who have an interest in and are affected by the actions of an organization
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| Concerns with Social Responsibility Perspective | not easily definable terms such as "reasonable returns" and "legitimate concerns"; tough decision when helps one and hurts the other stakeholder
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| Corporate responses | Defenders, accommodaters, reactors, anticipators
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| Defender | Belief: Fight against restrictions to profit-making potential
Focus: Max profits, find legal loopholes and fight regulations
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| Accomodaters | Belief: Change when legally required
Focus: Max profits but follow the law
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| Reactors | Belief: Respond to great social pressure
Focus: Protect profits, abide law, react to pressure
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| Anticipators | Belief: owe it to society to be socially responsible and avoid harmful actions
Focus: Obtain profit and anticipate harmful consequences
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